Uncertainties surrounding the Ukrainian grain export deal have already pushed up the price of some products, warned today UNasking for its extension to preserve its important benefits.
“In a time where uncertainty dominates commerce, signals mean a lotsaid Rebecca Greenspan, Secretary-General of the United Nations Conference on Trade and Development (UNCTAD).
“When there is no clarity, nobody knows what will happen, and speculation and hoarding rule,” she insisted in a statement accompanying a report by her services on the Black Sea Grain Initiative according to the Athens News Agency.
Within a short period of time the Black Sea Initiative for the cereals “gained scope. THE Ukrainian port activity increased and large cargoes of grain were able to reach world markets,” recalls UNCTAD in a report in which it cites a first account of this initiative, which stabilized and then reduced prices.
“However the Black Sea Initiative expires in a month and in the face of the looming uncertainty regarding its renewal, the prices of some raw materials such as wheat and corn are rising again”, notes UNCTAD, but without this initiative “there is little hope of ensuring food security, mainly in developing countries and less developed countries’.
Negotiations are underway with Russia, which complains that it is not justified by the agreements signed by Moscow and Kyiv on July 22 under the auspices of the UN and Turkey.
The first agreement of the Black Sea Initiative allows for 120 days the export of Ukrainian grain who have remained trapped since the start of the Russian invasion of Ukraine on February 24. The second text aims to facilitate the export of Russian food and fertilizers, despite the sanctions imposed by Western countries on Russia.
In talks with the UNwe highlighted our concerns regarding the implementation of the Russian side of the agreement, as we continue to encounter problems with vital logistical support. Our ships are not accepted in European ports because of the sanctions,” said Gennady Gatilov, Russia’s ambassador to the UN in Geneva, at a press briefing. “I wouldn’t say we made much progress during these last consultations.”he added.
The UN would like the agreement to be renewed for a year.
Source: News Beast
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